Hello everyone,
Hope you’re well!
As always - this is most definitely Not Financial Advice.
A lot of discussions about the current state of the crypto industry are rising, and I think it’s extremely important - in order to move forward, we as an industry need to discuss many issues. Some of these issues imo are centralization risks, even within the DeFi industry itself.
I believe our vision about web3 and decentralized finance is one of freedom, justice and liberation.
We’ll be able to achieve it, one day, by building DeFi. Not “DeFi”.
One of the issues I’ve started thinking about lately the most is $USDC centralization. As I’ve said before, I’m no expert, just a guy trying to learn as much as I can about finance and crypto these past two years. That being said, I will very much like to hear what some of the more experienced veterans of our space have to say about that.
One of the accounts which made me think about it is one of the funniest accounts I know of on Twitter - USDCBULL1
Please do not get me wrong - I feel as if I’m closer to being a Fraximalist (or a “DeFi Boi”, as usdcbull1 will probably call it) than being someone trying to FUD Frax Finance. I believe Sam Kazemian is one of the brightest and most important and innovative builders and leaders in this new emerging world of finance and trade. I respect and admire all those who work in and on Frax, and to make it clear and transparent - I am an investor in the ecosystem, one of those I’m most excited about, as you’ve probably already seen if you’ve been following my content.
I do think, however, that it’s important for us to discuss these issues, whether in order to simply educate new comers and new investors on how they’re viewing things wrong, or whether some issues do pose something that needs to be solved.
I definitely hope this issue will be one that is discussed and explained, and I definitely think it’s important that protocols will help us enthusiasts educate ourselves about these issues, so we’ll be able to educate others.
It was very nice to see this thread by Average Joe’s Crypto:
Another important thread came from another experienced and educated figure - Jack Niewold, the man behind cryptopragmatist.com.
Another tweet by ChainLinkGod.eth also addressed an important issue:
To close this subject, I will add a thread by one of my favorites - Haym Salomon, which I feel is spot on by explaining the important role of education in our space.
For those not that familiar with Frax and Sam, I recommend you check this interview on the The Defiant YouTube channel -
On another note yet still about Stablecoins, USDCBULL1 has started experiencing some forks. This thing and the interactions starting by it are quite funny actually.
On to some other stuff - Arbitrum Odyssey has officialy begun on Arbitrum.
Another person (I mean king) iI’m happy to quote for the first time here is the one and only, Chainlink creator and leader, Sergey Nazarov.
A good chance to share something I saw Bubbafox tweet yesterday:
That’s it for today, have a great day everyone!